Muenchener Rueckversicherungs-Gesellschaft AG — Earnings Release 2008

Jan 16, 2008

Munich Re Group Changing gear

Dresdner Kleinwort 10th German Investment Seminar New York

Backup Key figures of Munich Re Group Munich Re Group and our shares
Munich Re Group		2006	2005	2004	2003	2002
Gross premiums written	€bn	37.4	38.2	38.1	40.4	40.0
Result before amortisation of goodwill	€m	5,498	4,150 1	3,369	1,971	–20
Taxes on income	€m	1,648	1,014 1	712	1,752	–605
Consolidated result	€m	3,536	2,751 1	1,887	–468	214
Thereof attributable to minority interests	€m	96	72	54	–34	–74
Investments	€bn	176.9	177.2	178.1	171.9	156.3
Return on equity	%	14.2	12.51	9.53	–3.03	1.13
Equity	€bn	26.4	24.41	20.5 1	19.3	13.9
Off-balance-sheet reserves 2	€bn	1.9	2.6	3.2	1.8	1.1
Net technical provisions	€bn	153.8	154.0 1	154.3	147.5	143.0
Staff at 31 December		37,210	37,953	40,962	41,431	41,396
Our shares		2006	2005	2004	2003	2002
Earnings per share	€	15.12	11.70 1	8.01	–2.25	1.544
Dividend per share	€	4.50	3.10	2.00	1.25	Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008 1.25
Amount distributed	€m	988	707	457	286	223
Share price at 31 December	€	130.42	114.38	90.45	96.12	114.00
Market capitalisation at 31 December	€bn	29.9	26.3	20.8	22.1	20.4
No. of shares at year-end (ex own shares)	m	225.6 5	228.0	228.5	229.1	178.3
1 Adjusted owing to first-time application of IAS 19 (rev. 2004). 2 Including amounts attributable to minority interests and policyholders. 3 Previous years' figures adjusted owing to change in measurement basis. 4 Taking into account the capital increase in November 2003.			5 No. of shares at year-end 2007 (ex own shares): 207.8 m			14

² Including amounts attributable to minority interests and policyholders. ³ Previous years' figures adjusted owing to change in measurement basis. ⁴ Taking into account the capital increase in November 2003.

Backup
Key figures of Munich Re Group Reinsurance segment
Reinsurance 1		2006	2005	2004	2003	2002
Gross premiums written	€bn	22.2	22.3	22.4	24.8	25.4
Investments	€bn	85.0	87.0	81.2	80.4	68.6
Net technical provisions	€bn	59.6	63.4	58.2	56.7	55.3
Reserve ratio property-casualty	%	280.9	295.8	243.8	205.0	201.1
Large and very large losses (net)	€m	854	3,293	1,201	1,054	1,844	Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008
Thereof natural catastrophe losses	€m	177	2,629	713	288	577
Combined ratio property-casualty	%	92.6	111.7	98.9	96.5	123.7
Thereof natural catastrophe losses	%-pts.	1.3	19.4	5.0	1.8	3.4
Gross premiums written 2006 by region			GPW reinsurance p-c 2006 by line of business
in %		in %
Rest of World	Germany		Other classes of business			Liability
8%	14%	12%				16%
Asia/Australasia	UK					Accident 5%
9%	19%	Engineering				Motor
		9%				20%
						Marine,
North America	Rest of Europe	Fire				Aviation, Space
34%	16%	26%				12%
							15

¹ Before elimination of intra-Group transactions across segments.

17 Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008

	Reinsurance groups ranked by net reinsurance premiums written
Rank	Company	Country	Net reinsurance premiums written in US\$ m	Combined ratio in %
			2006	2006
1	Munich Re	Germany	25,433	93.0
2	Swiss Re 1	Switzerland	23,841	95.1
3	Berkshire Hathaway Re	U.S.	11,576	76.6
4	Hannover Re	Germany	9,354	101.2
5	Lloyd's 2	U.K.	8,445	80.8
6	SCOR 3	France	4,885	97.1
7	Reinsurance Group of America Inc.	U.S.	4,343	N.M.
8	Everest Re	Bermuda	3,876	89.7
9	Partner Re	Bermuda	3,690	84.6
10	Transatlantic Holdings Inc.	U.S.	3,633	95.8
11	XL Re	Bermuda	2,960	83.4
12	Tokio Marine & Nichido Fire Insurance Co. Ltd.	Japan	2,783	N.A.
13	Korean Re	Korea	2,350	97.4
14	Odyssey Re	U.S.	2,161	94.4
15	Converium	Switzerland	1,852	96.5
16	Scottish Re Group Ltd.	Bermuda	1,842	N.M.
17	ACE Tempest Re	Bermuda	1,797	76.1
18	Sompo Japan Insurance Ltd.	Japan	1,788	N.A.
19	Mitsui Sumitomo Insurance Co. Ltd.	Japan	1,724	N.A.
20	Caisse Central de Réassurance	France	1,509	51.9
Total Top 20			119,841

Source: Standard & Poor's Global Reinsurance Highlights, 2007 Edition.

Backup
Key figures of Munich Re Group Reinsurance property-casualty – Renewals January 2008
Key p-c reinsurance market trends	Munich Re approach
ƒ Overall reinsurance prices, terms and	ƒ Excellent technical underwriting skills are core
conditions mostly at risk-adequate levels ƒ Some pressure, e.g. on facultative reinsurance ƒ Capacity providers remain disciplined; supported by external pressure	basis for successful cycle management by: ƒ Detaching from softening in original markets ƒ Strict monitoring of portfolio profitability throughout entire renewal process ƒ Giving up unprofitable business
ƒ No common market cycle pattern	ƒ Playing out diversification as competitive
ƒ Cycles with lower amplitudes compared to	advantage
history	ƒ Strong global presence allows selected
ƒ Differential behaviour between individual	underwriting
regions and lines of business	ƒ Continuing to support trends towards
ƒ Expertise-based specialised business	differentiated prices, terms and conditions
characterised by lower pressure than	ƒ Expansion into less cycle-dependent niche
traditional reinsurance	business, also by selective M&A
Litmus test for	Risk-adequate pricing
cycle management ahead	remains key

Munich Re Group

Key figures of Munich Re Group Primary insurance segment
1
Primary insurance		2006	2005	2004	2003	2002
Gross premiums written	€bn	16.7	17.6	17.5	17.6	16.6
Investments	€bn	107.4	105.9	115.0	108.3	104.4
Net technical provisions	€bn	94.2	90.6 2	96.1	91.0	88.4
Reserve ratio property-casualty	%	124.9	113.1	116.8	114.5	116.3
Combined ratio property-casualty	%	90.8	93.1	93.0	96.4	99.9
Gross premiums written 2006 by region					ERGO – New business 2006 by distribution channels
		in %
	Rest of World	Tied agents				Direct
in %	2%	55%				10%
Rest of Europe 10% Belgium 3% Spain 3%						Broker 15%
Italy 4%	Germany 78%					Banks 20%

Backup Key figures of Munich Re Group ERGO German life – One of the leading players
Ranking by market share in 2006			GOAL
Gross premiums written1	in €m	in %	Return to growth path
1 Allianz	12,756	16.3	NEW BUSINESS
2 AMB Generali	8,655	11.0	Share of innovative and investment-type products
3 ERGO	5,980	7.6	30% by 2010
4 Talanx	4,768	6.1	GERMAN LIFE BUSINESS
5 Zurich	4,150	5.3	Increase German IFRS net profit
6 AXA	4,037	5.2	75% by 2012
7 R+V	3,641	4.6	NEW BUSINESS MARGIN
8 Debeka	2,766	3.5	VANB/PVNBP
9 Württembergische	2,410	3.1	3.0% by 2010
10 Nürnberger	1,945	2.5	TREASURY APPROACH
			Increase profitability and safeguard shareholders
German market	78,258	100.0	against risk from business in force
Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008 Return to growth path as one of major challenges
1 German GAAP.			22

Backup Key figures of Munich Re Group		ERGO Health – Strong market position
in % 1. Debeka 2. ERGO 3. Allianz 4. AXA 5. Signal Iduna Other 32 comp. Market volume	15.8 14.2 11.0 7.5 6.8 44.7	Market shares in Germany 2006: Comprehensive GWP: €3,321m €23.4bn	in % 1. ERGO 2. Allianz 3. Signal Iduna 4. Debeka 5. CONSAL Other 32 comp. Market volume	21.6 11.0 8.9 7.3 6.6 44.6 €4.5bn	Market shares in Germany 2006: Supplementary GWP: €974m
Keys to success ƒ Strong brand DKV German brokers ƒ Broad product portfolio ƒ Wide spectrum of health services ƒ Supplemented by care components ƒ Multi-channel distribution		ƒ Market leader in European health market ƒ DKV again elected best health insurance company by ƒ Comprehensive insurance coverage of all types Unique selling proposition "Think healthcare!"	Growth factors in marketing ƒ Cooperation with statutory health insurers potentials ƒ Tapping of new marketing channels (e.g. affinity channels)		ƒ Cooperation with Zurich, Gerling, HVB, Deutsche Bank ƒ Advertising for specific target groups, direct marketing including call centre (KarstadtQuelle Versicherungen) ƒ Creation and utilisation of new cross- and up-selling

Backup Key figures of Munich Re Group Active use of capital markets
	Munich Re's Risk Trading approach
Managing our own risks	Managing our clients' risks
ƒ Optimise portfolio ƒ Use of additional capacity	ƒ Consulting, structuring, project management and placement support
	ƒ Risk fronting / transformation and (interim) capacity provider
Improve our risk/return profile and save costs	Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008 Fee and risk-based income
Risk warehousing	Restructuring and reselling
ƒ Retain risks	ƒ Extension of "buy and hold" strategy
ƒ Be active player in primary and	ƒ Combine and restructure risks
secondary market	ƒ Sell at favourable terms and conditions
Risk-based, investment and arbitrage income	Fee and arbitrage income
	25

Segment	Target	Country	Share in %	Price	Remarks
Re-insurance	Bell & Clements Group	UK	100%	Not disclosed	Managing General Agent (MGA)
	The Midland Company	USA	100%	USD 1.3bn (€0.9bn)	US specialty insurance
	MSP Underwriting Ltd.	UK	100% of MSP, 47.3% of Lloyd syndicate 318	Not disclosed	Lloyd syndicate focused on international property business
	Allfinanz	Ireland	100%	€47.5m	Leading provider of software for life insurance companies
Inter-national Health	Cairnstone Inc.	USA	From 25% to 100%	Not disclosed	Industry leader in US employer stop loss insurance
	Sterling Life Insurance Company	USA	100%	USD 352m (€243m)	Leading provider of health benefits to US senior market
Primary insurance	HDFC General Insurance Ltd.	India	26%	Not disclosed	Non-life insurance joint venture
	Daum Direct Auto Insurance	South Korea	65%	Not disclosed	Second largest direct motor insurer in South Korea

Backup Key figures of Munich Re Group		Value of diversification – Selected reinsurers' KRW losses
Company	Shareholders' equity1 in US\$ m	Estimated KRW net loss in US\$ m	KRW loss as % of shareholders' equity
PXRE Group	763	856	112.2
Montpelier Re	1,463	1,203	82.2
IPC Holdings	1,743	1,005	57.6
Platinum Re	1,273	530	41.6
Endurance	1,987	802	40.3
Aspen	1,608	595	36.9
AXIS	3,167	1,124	35.4
Everest Re	4,082	1,359	33.2
RenaissanceRe	2,823	892	31.5
Lloyd's	20,709	6,406	30.9
PartnerRe	3,482	900	25.8
Hannover Re	3,445	758	22.0
Arch Capital	2,503	381	15.2
Munich Re	26,608	2,605	9.7
Swiss Re	17,135	1,672	9.7
1 As of June 30, 2005.	Source: Standard & Poor's Global Reinsurance Highlights, 2007 Edition.		Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008 29

Appendix
Financial calendar Contacts Disclaimer
	Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008
	30

Appendix
Financial calendar
30 January 2008 Press release on renewal of reinsurance treaties
19 February 2008 Investors' Day on property-casualty reinsurance, London
25 February 2008 Balance sheet press conference for 2007 financial statements (preliminary figures) Conference call with analysts and investors	Munich Re Group – Dresdner Kleinwort 10th German Investment Seminar, 16 January 2008
12 March 2008 Annual Report 2007
17 April 2008 Annual General Meeting
18 April 2008 Dividend payment
8 May 2008 Interim report as at 31 March 2008 Analysts' conference, Munich
6 August 2008 Interim report as at 30 June 2008
7 October 2008 Investors' Day on life reinsurance, London
7 November 2008 Interim report as at 30 September 2008	31